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ICICI Lombard Enters Into Bancassurance Partnership With Development Credit Bank

For distribution of general insurance products through DCB's branches

ICICI Lombard General Insurance Company, a private sector general insurance company and Development Credit Bank have signed a bancassurance agreement for the distribution of general insurance products through 80 branches of DCB across 10 states and 2 union territories.

Under the agreement, ICICI Lombard GIC will make available its products in the general insurance space to the customers of DCB. Personal products such as health insurance, home insurance, travel insurance, motor insurance and commercial line products such as fire insurance, marine insurance, industrial insurance, will be available through DCB’s branch banking channel.

The tie-up offers customers of DCB, non-life insurance products such as zero depreciation add-on and health advantage plus. The former offers full claim on the value of parts replaced without any deduction for depreciation whereas the latter is a comprehensive health insurance policy covering the policyholder’s outpatient department treatment (OPD) expenses.

Neelesh Garg, director of Retail at ICICI Lombard GIC, said: “Given its deeply customer centric orientation, ICICI Lombard is very happy to partner with an organization like Development Credit Bank which places the highest priority on customer service and satisfaction.

“Subject to regulatory approvals ICICI Lombard and DCB will work towards launching some customized and co-branded products in the next financial year. DCB is an emerging bank and we see great potential in the relationship”

Murali Natrajan, managing director and CEO of Development Credit Bank, said: “Our mission is to provide the best of products and services to support our customers in their business and personal progress. We are extremely excited with our partnership with ICICI Lombard General Insurance which gives us a big opportunity to bring value to our customers.”